Goldman Sachs sold $250 million of BP stock before spill

Goldman Sachs sold $250 million of BP stock before spill

rawstory.com

According to regulatory filings, RawStory.com has found that Goldman Sachs sold 4,680,822 shares of BP in the first quarter of 2010. Goldman's sales were the largest of any firm during that time. Goldman would have pocketed slightly more than $266 million if their holdings were sold at the average price of BP's stock during the quarter.

If Goldman had sold these shares today, their investment would have lost 36 percent its value, or $96 million. The share sales represented 44 percent of Goldman's holdings -- meaning that Goldman's remaining holdings have still lost tens of millions in v

(visit the link for the full news article)

Well well well (no pun intended) I read something about this yesterday at another website. How does Goldman do it??? They seem to always get the best information!

If there are any investment pros out there I was wondering if there is any publicly available information on short sales?

I am positive the "topkill" was a cynical stock manipulation. Doug Suttles of BP apologized for the mistake of not letting the public know the topkill had stopped 16 hour beforehand. Coincidentally while the stock market was open. After the market closed we found out the "topkill" had failed and BP stock sunk like an exploding oil rig.

rawstory.com
(visit the link for the full news article)

Here is the link to the site I was reading yesterday.

Godlike Productions

sorry - but " so what " ? before reacing any conclusions from this ` revalation ` - you really have to look at GS`s trading stance across the entire market - once you do it becomes obvious that they are buying and selling CONTINIOUSLY - they sold BP in Q1 2010 because the share price at that time was higher than when they bought those shares - simple - its how stock trading works

Read this

pesn.com...

" Not being aware that the author, Andy Borowitz, is a comedian, scores of Internet sites ran with the story as being genuine. As of today, Google search on pulls up 207,000 returns, beginning with the Huffington Post link. Many, such as Infowars, pulled their stories when they realized the mistake. "

It turns out Goldman DID short Transocean just days before the accident.

No Joke: Goldman Sachs shorted Gulf of Mexico!

It reminds me of Enron when they were causing power outages in California. Normal people cannot believe that professional investors and corporate America would be capable of these sorts of crimes. The bigger the lie the more people believe the lie.

Follow the money.... works everytime

This does sound VERY suspicous, like they knoew the oil leak was going to happen. COuld just be coincidnece too though. BUt it is fishy. this news seems to mirror something on the order of 9/11... certain banks pulling out thier stocks before the planes hit the towers, things like that, like they knew something was gunna happen. looks JUST like this here..
god i wish jp morogn bellies under and end up homeless without a pencil cup too pee in...i think i want my tax money back from their lame n stupid bailouts

Originally posted by ziggy1706
This does sound VERY suspicous, like they knoew the oil leak was going to happen. COuld just be coincidnece too though. BUt it is fishy. this news seems to mirror something on the order of 9/11... certain banks pulling out thier stocks before the planes hit the towers, things like that, like they knew something was gunna happen. looks JUST like this here..
god i wish jp morogn bellies under and end up homeless without a pencil cup too pee in...i think i want my tax money back from their lame n stupid bailouts

The mortgage on my house came from Washington Mutual, which was bought up by JPMorgan-Chase. I love ignoring them when they call EVERY single day because I'm a little late. Actually, they start calling even before I'm late; One of these days I will pick up the phone and tell them to die in a fire, just see what kind of reaction I get.

lol centurion your an artist! love your sense of humor

All these major investment firms should be dismantled, broken up into smaller company's and regulated by independant firms and the goverment, independant firms created by the people for the people, Goldman Sachs are gready monsters who do not care about middle income and lower income people of this country, these monsters are going to suck us dry of our money and wealth. The Goldmans, Bank of America's, chase's and so on Tarp fund BS, Fraud, gread,this world is going down if we do not take it back!

ignorant_ape is correct. "So what" is right.
$250M traded is no big deal to a major broker.
My guess is that it was a "programmed trade".
As much as wishing for a conspiracy might be tempting, none here. It is very "par for the course" Those numbers seem like a big deal...but they are not.

[edit for tupid pelling]

[edit on 2-6-2010 by Zeptepi]

So what. GS screwed up. Anybody remember Obama's announcement that he was going to allow more offshore drilling, back in April? BP's shares went up with that announcement, just a few days before the fire on the oil rig. If GS had bought BP shares right before that announcement then you might have something.

$250 million would cover the boards' annual bonus...I don't think that writing this off as a "relative pittance" should underscore the possibility of manipulation...not in the least.

[edit on Wed, 02 Jun 2010 15:14:47 -0500 by MemoryShock]

Hah, the plot thickens:

"...BP's former Chairman, Peter Sutherland, who left the firm is a Chairman of Goldman Sachs International. Mr. Sutherland holds some other interesting titles, including a position on the Trilateral Commission, he was a chairman of the London School of Economics in 2008, he is a UN special representative for migration and development; he was the founding director-general of the World Trade Organisation, he had previously served as director general of GATT since July 1993 and was instrumental in concluding the Uruguay GATT Round Negotiations..." (www.zerohedge.com...)

Even More:

"What is slightly more troubling is the combination of Mr. Sutherland's departure from BP effective January 1, the release of his fiduciary obligations to BP shareholders, the upgrade of BP by Goldman from Neutral to Buy 4 days before Sutherland's full, and non-conflicted return to the GSI Chairmanship, and last but not least, the dumping of 28 million BP shares by GSAM in the next three months, an act which has saved the asset manager roughly GBP50 million." (www.zerohedge.com...).

Go read the whole article.

reply to post by tetrahedron

Great Find!!!

Even more in the comments section. A poster refers to a Bloomberg article explaining that BP knew about the potential for a major problem in March!!!

Bloomberg

BP Lacked Well Control Six Weeks Before Gulf Rig Disaster, E-Mails Show.

The summary is this...
-Former Chairman of BP leaves and becomes Chairman for GS International
-GS is buying when their own analysts are advising sell and selling when their own analysts are recommending buy.
-GS sold approximately 44% of their stake in BP by the end of March 2010.
-By the end of March 2010 it was known by BP there was a big problem with Deepwater Horizon.

Wonder if the former CEO of BP might have had any knowledge of the problem and shared that info with GS??

Somebody wants to own 100% of BP.

Who will buy up the remaining shares of BP for pennies once the stock bottoms out?

The Bank of England maybe?

Thanks for posting this news!!
While I have so many personal thoughts about this topic.. I will go ahead and leave them in my mind for now. I think we all know whats going on here. And its these unspoken truths that will surface at some point in the near future!
Very fishy, very fishy indeed..

Now a question here..
BP stocks have fallen big time from what I have seen on the news.
I would like to ask this..
Would it be a good time for some folks to BUY BP stock now that its so low? And wait some time for the stock to go up to make big profits?
Does it work like that?

I can not claim much knowledge to how stocks work.
But from where I am looking at this is, the stocks plumit! And fall down to really low numbers.. Which make the stock worth less money right?
Thus in essence does that make the stock that much cheaper to buy up right now?
Or is the stock set at a fixed rate no matter what the stock is at?

Thanks in advance!!
Zy5

reply to post by zysin5


No, it is not a good time to BP stock yet.

www.marketwatch.com...
(click 6m under the chart to view further into the past on the stock)

In the last few months the company's stock has fallen from around 60$ a share to around 37$ a share. If you bought 100 shares of BP at 37$ a share it would cost you 3700$ (37$ x 100shares). If you bought those 100 shares at 60$ it would have costed you 6000$ (60$x 100shares).

So, if you bought stock at 60$ a share and each share is now only worth 37$. You would have lost 23$ on each share you purchased, which would be equal to 2300$ lost (23$ x 100shares). You do not want to buy now because there is no telling how much further the stock could drop if the leak is not fixed.

Once BP fixes the leak and settles the lawsuits they have coming, the stock may begin to go back up to what such a valuable company should be worth. Once you see growth that would be the time to buy back in. Buy low, sell high. So ideally, you would wait till the stock got as low as possible then buy it on the rebound.

[edit on 2-6-2010 by tooo many pills]